证券代码：688608 证券简称：恒玄科技 公告编号：2025-063 恒玄科技（上海）股份有限公司 关于选举职工代表董事的公告 本公司董事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 附件：第三届董事会职工代表董事简历 曾华先生，1977 年出生，中国国籍，无境外永久居留权，北京邮电大学通 信与信息系统硕士学历。2002 年至 2016 年，历任亿阳信通、北电网络、锐迪科 等公司的软件工程师、高级软件工程师。2016 年至今任恒玄科技研发总监、软 件研发副总裁，2023 年 8 月认定为公司核心技术人员，2024 年 5 月起同时担任 公司董事。 曾华先生与恒玄科技控股股东、实际控制人不存在关联关系，未直接持有 公司股票。 2 / 2 上述职工代表董事符合《中华人民共和国公司法》等相关法律法规和《公 司章程》规定的任职条件。本次选举完成后，公司第三届董事会中兼任公司高级 管理人员以及由职工代表担任的董事人数总计未超过公司董事总数的二分之一。 特此公告。 恒玄科技（上海）股份有限公司董事会 2025 年 11 月 20 日 1 ...

上海市锦天城律师事务所关于 恒玄科技（上海）股份有限公司 2025 年第二次临时股东会的 法律意见书 地址：上海市浦东新区银城中路 501 号上海中心大厦 11、12 楼 电话：021-20511000 传真：021-20511999 邮编：200120 上海市锦天城律师事务所 法律意见书 上海市锦天城律师事务所 关于恒玄科技（上海）股份有限公司 2025 年第二次临时股东会的法律意见书 致：恒玄科技（上海）股份有限公司 根据《中华人民共和国证券法》（以下简称"《证券法》"）《中华人民共 和国公司法》（以下简称"《公司法》"）和中国证券监督管理委员会（以下简 称"中国证监会"）《上市公司股东会规则》（以下简称"《股东会规则》"） 等法律、法规和有关规范性文件的要求，上海市锦天城律师事务所（以下简称"本 所"）接受恒玄科技（上海）股份有限公司（以下简称"恒玄科技"或"公司"） 的委托，指派本所律师参加恒玄科技 2025 年第二次临时股东会（以下简称"本 次股东会"），并出具本法律意见书。 本法律意见书仅供本次股东会之目的使用。本所律师同意将本法律意见书随 恒玄科技本次股东会其他信息披露资料一并公告。 本所律师根 ...

证券代码：688608 证券简称：恒玄科技 公告编号：2025-061 恒玄科技（上海）股份有限公司 2025年第二次临时股东会决议公告 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东会召开的时间：2025 年 11 月 19 日 （二） 股东会召开的地点：上海市浦东新区金科路 2889 弄长泰广场 B 座 201 室 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 202 | | --- | --- | | 普通股股东人数 | 202 | | 2、出席会议的股东所持有的表决权数量 | 65,496,177 | | 普通股股东所持有表决权数量 | 65,496,177 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比 | 38.8255 | | 例（%） | | | 普通股股东所持有表决权数量占公司表决权数量的比例（%） | 38.825 ...

Summary of Bestechnic Management Call Company Overview - **Company**: Bestechnic (688608.SS, Not Covered) - **Industry**: Semiconductor, specifically focusing on low power consumption System on Chips (SoCs) for consumer electronics including TWS earphones, smart wearables, smart home devices, and AIOTs [3][4] Key Points Discussed Market Potential and Growth Drivers - **AI/AR Glasses Market**: Management is optimistic about the long-term potential of AI/AR glasses, suggesting they could replace or supplement smartphone functions, indicating a significant market opportunity [1][7] - **Growth Forecast**: The company anticipates substantial growth in the AI/AR glasses segment, with expectations of over 10 million shipments by 2026 [2][7] Revenue Diversification - **Product Diversification**: Bestechnic is expanding its product applications beyond TWS earphones to include smartwatches, AI/AR glasses, sports cameras, and wireless microphones [1][4] - **Revenue Contributions**: Management expects smartwatch SoC revenues to grow significantly in 2026, alongside TWS earphones, as the primary revenue contributors [4][7] Margin Trends - **Gross Margin Improvement**: The gross margin is projected to improve due to higher contributions from smartwatches and reduced competition in the market. Management noted that increased memory costs would be passed on to downstream clients [1][7] - **Product Mix Optimization**: The shift towards smartwatches has positively impacted margins, with pricing competition stabilizing in the TWS earphone segment after the exit of smaller competitors [7] Technological Advancements - **Next Generation SoC**: The introduction of the next generation BES6000 SoC is planned for sampling with clients in 2026, optimized for new applications including AI/AR glasses [7] Competitive Landscape - **Market Position**: Bestechnic remains a market leader in TWS earphone SoCs and is gaining market share in the smartwatch SoC business [4][7] - **Supply Chain Dynamics**: The positive outlook for AI/AR glasses is expected to drive technology upgrades across the consumer electronics supply chain [2] Additional Insights - **Battery Life Performance**: The company's SoCs are noted for their low power consumption, enabling longer battery life for devices, which is a competitive advantage [7] - **Engagement with Overseas Brands**: Management is actively pursuing partnerships with international brands for AI/AR glasses applications [7] This summary encapsulates the key discussions and insights from the management call regarding Bestechnic's strategic direction, market opportunities, and financial outlook.

Investment Rating - The report initiates coverage with a "Buy" rating for the company [7][6]. Core Insights - The company is a leader in low-power Bluetooth SoC, focusing on wearable devices and AIoT applications. It has established a strong market position with significant revenue growth projections for the coming years [6][7]. - The company is expected to achieve revenues of 42.53 billion, 54.41 billion, and 67.11 billion yuan from 2025 to 2027, with corresponding growth rates of 30%, 28%, and 23% [7][6]. - The forecasted net profit for the same period is 7.98 billion, 10.57 billion, and 13.00 billion yuan, indicating robust profitability growth [7][6]. Financial Data and Profit Forecast - Total revenue (in million yuan) for the years 2024 to 2027 is projected as follows: - 2024: 3,263 - 2025: 4,253 - 2026: 5,441 - 2027: 6,711 - Year-on-year growth rates for total revenue are expected to be 49.9% in 2024, 30.3% in 2025, 27.9% in 2026, and 23.3% in 2027 [5]. - Net profit (in million yuan) is forecasted as: - 2024: 460 - 2025: 798 - 2026: 1,057 - 2027: 1,300 - Year-on-year growth rates for net profit are projected at 272.5% in 2024, 73.2% in 2025, 32.5% in 2026, and 23.0% in 2027 [5]. Market Position and Product Development - The company has a 10% market share in TWS (True Wireless Stereo) earphone SoC shipments, ranking fourth globally in terms of shipment volume [6][8]. - The BES2800 chip, built on a 6nm process, is designed for high-end applications and has been adopted by major brands like Samsung for flagship products [6][8]. - The company is expanding its product offerings to include smart watch chips, with expected revenue of 1.045 billion yuan in 2024, reflecting a 116% year-on-year growth [6][8]. Competitive Advantages - The company has developed a platform-based strategy allowing a single chip to be used across multiple product categories, enhancing its competitive edge [28][29]. - The integration of advanced technologies such as AI, low-power consumption, and high-performance capabilities positions the company favorably against international competitors [9][29]. Valuation Metrics - As of November 17, 2025, the company's price-to-earnings (PE) ratio is projected to be 45 times for 2025 and 34 times for 2026, compared to an average PE of 44 times for comparable companies, indicating a potential upside of 29% [7][6].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [2][8]. Core Insights - The company is a leader in low-power Bluetooth SoC, focusing on wearable devices and AIoT applications, with significant market share in TWS earphones and smartwatches [7][8]. - Revenue projections for 2025-2027 are estimated at 42.53 billion, 54.41 billion, and 67.11 billion yuan, with corresponding growth rates of 30%, 28%, and 23% [8]. - The company has a strong competitive position due to its advanced technology and established relationships with major brands like Samsung, OPPO, and Xiaomi [7][8]. Financial Data and Profit Forecast - Total revenue for 2024 is projected at 3,263 million yuan, with a year-on-year growth rate of 49.9% [6]. - The net profit attributable to the parent company is expected to reach 798 million yuan in 2025, reflecting a growth rate of 73.2% [6]. - The company maintains a low asset-liability ratio of 7.59% and a high return on equity (ROE) of 10.9% in 2025 [6]. Market Position and Growth Drivers - The company holds approximately 10% of the global TWS main control chip market, ranking fourth in terms of shipment volume [7]. - The smart wearable chip segment is expected to see significant growth, with revenue projected to reach 10.45 billion yuan in 2024, a 116% increase year-on-year [7]. - The introduction of AI glasses and the development of proprietary ISP technology position the company for future growth in high-performance wearable SoCs [7]. Product Development and Technology - The company has developed a unified software and algorithm framework that enhances customer stickiness and supports multiple product lines [7]. - The BES2800 chip, built on a 6nm process, integrates advanced features such as dual-core Cortex-M55 and self-developed NPU, catering to the needs of AI and low-power applications [7][8]. - The company’s strategy of "one chip for multiple uses" allows for a versatile application of its chips across various devices, enhancing platform reuse [31]. Competitive Landscape - The company is positioned against both domestic and international competitors, with a focus on high-end markets and a strategy to maintain technological leadership [10][38]. - The competitive advantage is bolstered by a strong customer base, with the top five clients accounting for 74% of sales in 2024 [38]. Valuation Metrics - As of November 17, 2025, the company's price-to-earnings (PE) ratio is projected at 45 times for 2025 and 34 times for 2026, indicating a potential upside of 29% compared to comparable companies [8].

丨证券研究报告丨 [Table_Title] 三季度营收同环比增长 报告要点 [Table_Summary] 2025 年前三季度，公司实现收入 29.33 亿元、同比+18.61%，归母净利润 5.02 亿元、同比 +73.50%；2025Q3，公司实现营收 9.95 亿元、同比+5.66%、环比+5.42%，归母净利润 1.97 亿元、同比+39.11%、环比+72.19%。三季度尽管受国补退坡、下游需求转弱影响，公司单三 季度收入仍实现同环比增长。 分析师及联系人 [Table_Author] 杨洋 张梦杰 SAC：S0490517070012 SAC：S0490523120002 SFC：BUW100 [Table_scodeMsg1] 公司研究丨点评报告丨恒玄科技（688608.SH） 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_scodeMsg2] 恒玄科技（688608.SH） cjzqdt11111 [Table_Title2] 三季度营收同环比增长 [Table_Summary2] 事件描述 2025 年 10 月 29 日， ...

Core Insights - The overall performance of companies listed on the Sci-Tech Innovation Board (STAR Market) has shown a strong rebound in the first three quarters, with a significant year-on-year net profit growth of 75% in Q3 [2] - The focus on "hard technology" has led to increased R&D investments, particularly in key industries such as integrated circuits, artificial intelligence, and biomedicine, contributing to the foundation for high-level technological self-reliance [2] Performance Overview - In the first three quarters, STAR Market companies achieved a total revenue of 1.11 trillion yuan, a year-on-year increase of 7.9%, and a net profit of 49.268 billion yuan, up 8.9% [2] - Excluding four leading photovoltaic companies, overall revenue and net profit growth rates were 14.6% and 30.6%, respectively, indicating an amplified growth momentum [2] - Over 70% of companies reported revenue growth, and nearly 60% saw net profit increases, with 158 companies experiencing net profit growth exceeding 50% [2] Industry Highlights - The STAR Market's top enterprises and growth-oriented companies complement each other well, with the Sci-Tech 50 Index companies accounting for 46% of revenue and 50% of net profit [3] - The Sci-Tech 100 Index companies demonstrated high growth elasticity, with revenue and net profit increasing by 12% and 134%, respectively, becoming the "vanguard" of performance growth [3] R&D Investment - Total R&D investment by STAR Market companies reached 119.745 billion yuan, 2.4 times the net profit, with a median R&D intensity of 12.4%, leading A-share sectors [4] - The biomedicine sector saw revenue growth of 11% and net profit growth of 48%, driven by the rapid commercialization of innovative drugs [4] - Nine first-class new drugs were approved for market entry during the reporting period, with significant international business development transactions totaling over 13 billion USD [4] Growth of Emerging Companies - 35 unprofitable companies in the Sci-Tech Growth Layer reported a revenue increase of 39% and a significant reduction in net losses by 65% [5] - These companies are focusing on R&D with a median R&D intensity of 44.3%, indicating a promising development trend [5] Competitive Advantages in Key Industries - The integrated circuit industry, crucial for technological self-reliance, saw 121 related companies achieve a revenue growth of 25% and a net profit growth of 67% [6] - Major players like SMIC and Huahong Semiconductor maintained high capacity utilization rates, with record sales revenue [6] - The AI industry has emerged as a new growth pillar, with significant revenue increases across the supply chain, particularly in computing and data transmission sectors [7] Renewable Energy Sector - In the photovoltaic sector, 17 related companies significantly reduced their net losses by 28% [7] - The lithium battery industry experienced a revenue growth of 7% and a net profit of 1.02 billion yuan, marking a return to profitability [7]

Core Insights - The Shanghai Stock Exchange Sci-Tech Innovation Board Artificial Intelligence Index has seen a strong increase of 1.04%, with notable gains from stocks such as Fudan Microelectronics (up 3.43%) and Lanke Technology (up 3.24%) [1] - OpenAI has announced the launch of its flagship GPT-5.1 model, aimed at enhancing the intelligence and user experience of ChatGPT, with the rollout starting this week [1] - Quark has scheduled the launch of its AI glasses for November 27, with pre-sales ranking first in various categories during the Double 11 shopping festival [1] Industry Analysis - The Quark AI glasses S1 integrate Alibaba's Qwen closed-source model and offer deep integration with core applications like Alipay and Taobao, covering high-frequency use cases such as payment and navigation [2] - Domestic AI models like MiniMax M2 and DeepSeek show stronger adaptability in the A-share market compared to international models like GPT-5, indicating that investment strategies should be tailored to specific market conditions [2] - The global sales of AI smart glasses surged by 370% year-on-year in Q3 2025, signaling a high-growth phase for the industry, with key components like optical displays and storage benefiting directly [2] Fund Performance - The Sci-Tech AI ETF has experienced a significant scale increase of 32.45 billion yuan over the past six months [3] - The ETF's share count grew by 4.32 million shares in the past week, with a total net inflow of 331 million yuan over four days, averaging 82.87 million yuan daily [4] - The underlying index of the ETF consists of 30 major companies in the AI sector, with the top ten stocks accounting for 70.92% of the index [4]

Core Insights - The Shanghai Stock Exchange Sci-Tech Innovation Board Artificial Intelligence Index has decreased by 1.20% as of November 10, 2025, with mixed performance among constituent stocks [2] - The government has issued implementation opinions to accelerate the cultivation and large-scale application of new AI scenarios, emphasizing the need for core technology breakthroughs and application promotion [2][3] - The recent launch of the Kimi K2Thinking model by Moonlight Dark Side has garnered attention, showcasing significant cost advantages over international models like OpenAI's GPT-5 [3] - The total size of the Sci-Tech AI ETF has reached 6.08 billion yuan, ranking it among the top funds in its category [4] Market Performance - The Sci-Tech AI ETF has seen a 23.97% increase over the past three months, with a recent price of 0.77 yuan and a turnover rate of 2.19% [2] - The ETF has experienced a net inflow of 75.248 million yuan recently, with a notable average daily net inflow of 37.674 million yuan over the past five trading days [4] Policy and Industry Developments - The new policy aims to create a closed-loop path for technology breakthroughs, scenario validation, and industrial application, which is expected to accelerate AI development [3] - Major companies like Kingdee and Kingsoft Office are launching new products that integrate multiple AI agents, indicating a shift from AI as a tool to autonomous decision-making [3] - Global tech giants are increasing investments in AI, with Amazon and OpenAI's collaboration valued at 38 billion dollars and Meta planning to invest 600 billion dollars in AI infrastructure over the next seven years [3] Index Composition - As of October 31, 2025, the top ten weighted stocks in the Shanghai Stock Exchange Sci-Tech Innovation Board AI Index account for 70.92% of the index, including companies like Lanqi Technology and Kingsoft Office [5]